1. Opening Hook
While most jewellers were busy blaming gold prices, weddings, and planetary alignments, BlueStone quietly walked in and dropped a quarter that actually made sense.
Revenue up, margins exploding, cash PAT doing yoga poses nobody expected — and suddenly everyone’s an omnichannel genius.
This wasn’t a “festival tailwind” quarter. This was design-led demand, repeat customers behaving nicely, and stores paying rent instead of eating cash.
Yes, inventory gains helped. No, that’s not illegal. And yes, management knows analysts will poke at it.
Stick around — the real masala is in unit economics, cohort math, and whether this profitability glow-up actually survives FY27. Things get interesting fast.
2. At a Glance
- Revenue up 27.4% YoY – Growth without shouting “discounts” every five minutes.
- Adjusted EBITDA margin at 25.5% – From startup to serious operator, real quick.
- Cash PAT ₹1,225 mn – Last year’s losses quietly left the building.
- Gross margin at 45.2% – Studded jewellery doing God’s work.
- Repeat revenue at 57.8% – Customers came back without a reminder email.
- Store count at 323 – Expansion, but not the reckless kind (yet).
3. Management’s Key Commentary
“Underlying growth trend remains strong at 35–40%.”
(Translation: Demand isn’t a one-quarter Instagram filter 😏)
“December exit growth was ~35% YoY.”
(Translation: Festive season didn’t carry the whole quarter)
“Older cohorts continue to scale meaningfully.”
(Translation: Our old stores didn’t age like milk 😌)
“Inventory gains
